Short Term Oil Elliott Wave forecast suggests that the rally from 11/14 low
is unfolding as a double three where wave ((w)) ended at $49.2, wave ((x))
ended at $44.82. and wave ((y)) of W is proposed complete at $52.43. Near term,
while bounces stay below there, oil is expected to turn lower within wave X
pullback to correct the cycle from 11/14 low ($42.21) in 3, 7, or 11 swing
before the rally resumes. If Oil breaks above $52.43, then it is still within
wave W and can open extension to the upside towards as high as $54 - $55.2
area to complete wave W and end the cycle from 11/14 low before the correction
in wave X begins. We don't like selling the proposed wave X pullback and expect
buyers to appear after wave X pullback is complete in 3, 7, or 11 swing as
far as pivot at $42.21 remains intact. 50 - 61.8% fibonacci retracement from
11/14 low which comes at $46.11 - $47.31 can be an approximate area where wave
X pullback can complete.

Get more updates for Oil and other instrument at Elliottwave-Forecast.com.
Try our services for 14 days FREE -> 14
day Trial to sample everything we have to offer. We offer 24 hour coverage
of 52 instruments from Monday - Friday using Elliott Wave Theory as primary
tools of analysis. We provide Elliott Wave chart in 4 different time frames,
up to 4 times a day update in 1 hour chart, two live sessions by our expert
analysts, 24 hour chat room moderated by our expert analysts, market overview,
and much more! With our expert team at your side to provide you with all the
timely and accurate analysis, you will never be left in the dark and you can
concentrate more on the actual trading and making profits.